The Victorian government has partnered healthcare company Fresenius Kabi as part of the state's $55 million technology plan for the future.
The global health care company is establishing a $47 million pharmaceutical manufacturing facility and distribution centre, creating 120 new jobs for Victoria.
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Victorian premier, Denis Napthine, said the facility would be a boon for the state economy.
"This $47 million venture will deliver 120 full-time jobs in advanced manufacturing, including positions such as highly qualified manufacturing operators, engineers and quality specialists," he said.
"This new facility represents a significant vote of confidence in Victoria's healthcare industry and the state economy."
Fresenius Kabi offers a wide range of products and services, including infusion treatments, oncology compounding and generic drugs.
The company supplies intravenous therapies to Australian hospitals and specialist clinics for use in surgery, emergency departments and intensive care.
Napthine said the Government was pleased to have used the $55 million Victoria Technology Plan for the Future -- Biotechnology to partner with Fresenius Kabi and establish this cutting-edge facility. Technology minister Gordon Rich-Phillips said the announcement confirmed the state's reputation as a world class hub of innovative pharmaceutical manufacturing.
"Victoria is home to nearly a third of the nation's medical and pharmaceutical companies, including CSL and Sigma Pharmaceuticals, and we continue to attract investment and research and development capability from around the world," he said.
The operation will focus on manufacturing intravenous (IV) product and oncology delivery.